What qualifies as a transaction of securities depends more on the nature of the contract than the asset itself, according to the Commissioner of Securities and Exchange (SEC) Hester Peirce.

Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Peirce said that SEC must develop a framework presenting situations in which cryptographic transactions are in line with the provisions regarding securities. Examples of this may include offering cryptocurrency to investors as part of the first public offer (IPO) or tokenization of the company’s shares. Peirce told the audience:

“Most of the cryptocurrency resources that we see them today are probably not securities themselves. This does not mean that you cannot sell a token that is not security in the transaction, which is a transaction of securities. This is where we really have to convey some tips.”

Peirce said that she expects more digital assets that are in line with the definition of securities, because assets such as tokenized shares and bonds are concluded.

Peirce’s comments appear among the efforts of SEC, legislators and the US government executive department in order to establish comprehensive cryptocurrency regulations in the United States and prevent industry migration to other jurisdiction.

Related: Peirce Sec says that NFT royalties do not produce securities tokens

SEC towards comprehensive regulatory reform

SEC launched the Crypto task group on January 21, the day after the inauguration of the US President Donald Trump.

Since then, the agency has conducted a series of discussions of the Round Table with industry directors to manage the development of comprehensive cryptocurrency regulations in the USA.

In May, the chairman of SEC Paul Atkins testified to Congress that in the coming months the agency would present his first detailed report on cryptocurrency regulations.

Warehouse: Referring Sec at cryptography leaves key questions unanswered